What is the market's earnings forecast for Turning Point Brands next quarter?

What guidance did Turning Point Brands's management provide for the next earnings period?

Did Turning Point Brands beat or miss consensus estimates last quarter?

What is Turning Point Brands's gross profit margin?

What were the key takeaways from Turning Point Brands's earnings call?

What is Turning Point Brands's latest dividend and current dividend yield?

What factors drove the changes in Turning Point Brands's revenue and profit?

What is the revenue and EPS growth rate for Turning Point Brands year over year?

- **Revenue Growth**: 31% YoY to $119M, with modern oral up 628% YoY.
- **Margin Expansion**: Gross margin +360bps to 59.2%, EBITDA margin 26.3%.
- **Strategic Investments**: $100M raised for salesforce (ahead of 2026 target), U.S. manufacturing, and international expansion.
- **Category Outlook**: Bullish on $10B+ modern oral market, with 5-6 dominant brands; Fre/On! positioned for double-digit share.
- **Risks**: Tariffs, promotional competition, and supply chain execution.

**【CEO Opening Remarks】**
- Expressed condolences for the UPS flight tragedy, emphasizing community ties without direct employee impact.
- Q3 revenue surged 31% YoY to $119M, driven by modern oral products (628% YoY growth in white pouches).
- Raised 2025 EBITDA guidance to $115-$120M (from $110-$114M) and modern oral sales to $125-$130M (from $100-$110M).
- Highlighted strategic investments: $100M raised via ATM for salesforce expansion, manufacturing, and international growth.
- Modern oral brands Fre and On! outperformed, with Fre launching new SKUs and On! entering brick-and-mortar.

**【CFO Financial Commentary】**
- Gross margin improved 360bps YoY to 59.2%, driven by modern oral scale and cost efficiencies.
- Adjusted EBITDA rose 17% YoY to $31.3M, with 26.3% margin.
- Cash balance of $201M, with $97.5M net proceeds from ATM to fund white pouch expansion.
- 2026 U.S. manufacturing lines expected to reduce tariffs and freight costs.

**【Q&A Highlights】**
- **Distribution & Market Share**: Fre and On! gaining shelf space, with On! entering brick-and-mortar. Management cautious on in-store share but optimistic on long-term growth.
- **Promotional Environment**: Competitors' promotions seen as category growth drivers; company maintains pricing integrity, focusing on brand building.
- **Profitability Balance**: 26% EBITDA margin maintained despite investments; expect measured spending on high ROI initiatives.
- **Manufacturing Costs**: Onshore production expected to reduce COGS by $0.02-$0.03/unit, offsetting tariffs.
- **Stoker Segment**: MST and loose leaf growth driven by share gains and pricing, despite category headwinds.
- **Loyalty Programs**: Fre and On! subscription growth seen as key retention metric, with first-party data insights.


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